Storing Your Bitcoins

If you are still new to the world of bitcoins and are currently in the process of trying to wrap your head around it, we will try to make things a little easier for you by talking one of the most commonly asked things about bitcoins, and that is how they are stored. Bitcoins are a digital currency that acquires and use online, so the currency does not have a physical form like normal money. So, you might be wondering how you can store and gain access to your bitcoins, and the answer is relatively simple, through bitcoin wallets.

Bitcoins wallets come in a number of different forms ranging from smartphone applications, physical bitcoins (not as widely used and still controversial), and through a paper wallet bitcoin. The principle is relatively simple. There happens to be a public access address and then a private key. Your private key is really important since it is what allows you to access, and then transfer and sell your bitcoin, so keeping it safe and protected is always a priority, and one of the purposes of these bitcoin wallet applications and systems is to keep your private key protected.

When you store your bitcoins online and through mobile software and applications, there is an increased risk of hackers trying to hack into your private key and gaining access to your bitcoins, so using good and reliable applications does help, however, that it still not enough to keep you immune from attacks. With a paper wallet bitcoin, you print a paper with the generated QR code that allows you to access your private key. This type of wallet is immune to digital theft and online hacks, however, you have to care about how you store the paper because it contains a lot of vital information that needs to be protected.